Today (on September 6th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: US soybean pared gains in overnight closing trade, followed by meal futures on DCE today. Accordingly, soybean meal spots on China's market also see a downturn amid low turnover. Soybean meal prices in coastal areas range from 3,150 to 3,220 yuan/tonne, down 10-20 yuan/tonne against yesterday (Tianjin prices 3,200 yuan/tonne, Shandong 3,150-3,220 yuan/tonne, Jiangsu 3,180-3,220 yuan/tonne, Dongguan 3,210-3,220 yuan/tonne, Guangxi 3,200-3,220 yuan/tonne). Actually, US soybean on CBOT now bears the pressure from favorable weather conditions in growing areas and expanded soybean sowing in South America. Soybean meal spots on China's market also experience a recession as contagious ASF already detected in China's nine areas hurts live pig raising, leaving soybean meal consumption dented and turnover poor these days. Yet on the other hand, stock pressure on soybean meal is expected to alleviate factored in increased meal demand amid growing poultry consumption ahead of Chinese two holidays and sharply lowered operation rate in East China and some North China in recent days. Add to that, trade disputes with the US are hard to be resolved in a very short time, instead, trade tensions are expected to heat up when US administration is said to slap another $ 200 billion on Chinese imports. If such, market rises concerns over supply shortage in fourth quarter and crushers still seize meal prices. Generally speaking, soybean meal will maintain its uptrend overall rather than fall sharply. Buyers thereby had better stay on the sidelines, or take the chance to make replenishment upon low prices. 

    Daily review on imported rapeseed meal: imported rapeseed meal prices move sideways in a steady pace, among which prices in coastal areas stand at 2,400-2,500 yuan/tonne, down 10-20 yuan/tonne (Great Ocean in Fangchenghai offers 2,400 yuan/tonne, down 20; Fuzhiyuan in Dongguan 2,490 yuan/tonne, down 10 yuan/tonne; Chinatex in Zhangzhou, Fujian stops to quote). As price disparity between rapeseed meal and its rival soybean meal goes larger, robust aquatic farming and poultry consumption before Chinese holidays actually boost rapeseed meal demand. Add to that, possible supply shortage of fourth-quarter soybean under escalating trade conflicts also help crushers to seize meal prices. Whereas, shrunken meal demand after sprawling ASF drags down rapeseed meal consumption, besides heavy soybean and rapeseed meal in stockpiles amid bumper US soybean harvest to come also curb upward potentials for rapeseed meal prices. In general, rapeseed meal is mainly to move upwards frequently and narrowly in line with futures, and go on a relatively strong note unless trade spats are concluded, so buyers may as well make proper replenishment upon low and stable prices.  

    Daily review on fishmeal: prices for imported fishmeal keep firm, yet prices are negotiable upon transaction and shipments at ports are fairly good. Northern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 10,200 yuan/tonne; 11,400-11,500 yuan/tonne for Japanese SD with 67% protein content; 11,700-11,800 yuan/tonne for super steam fishmeal with 68% protein content. Southern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 10,700 yuan/tonne; 11,500 yuan/tonne for Japanese SD with 67% protein content; 11,700 yuan/tonne for super steam fishmeal with 68% protein content. Port stocks: Hangpu has 52,000 tonnes, Fuzhou 37,000 tonnes, Shanghai 52,000 tonnes, Tianjin 1,000 tonnes, Dalian 6,000 tonnes, Fangchenggang 1,000 tonnes, and other ports 4,000 tonnes. Spots offers (FOB) in the outer remain stable, in detail, the fishmeal offer for Peru's ordinary SD with 65% protein content stays at USD $1,360 per tonne, USD $1,600 per tonne for super steam fishmeal with 68% protein content; the offer for Chile ordinary SD with 65% protein content is USD $1,510 per tonne, USD $1,610 per tonne for excellent fishmeal with 68% protein content. Given tight ordinary fishmeal in supply, good demand and strong futures outside domestic market help fishmeal to maintain stable shorter term. 

    Daily review on soybeans: prices for most imported soybeans keep stable, where non-GM imported soybean prices at 3,680-3,980 yuan/tonne, and GM imported soybeans are unquoted. According to Cofeed latest probe, soybean arrivals in August actually settle at 7.923 Mln tonnes with total 126 vessels, about 1.37% higher than 7.8156 Mln tonnes in last August, and 7.372 Mln tonnes with 116 vessels expected in September. Such ample supply weighs down imported soybeans. Narrowed price gap between domestic soybeans and imported soybeans also undermines price competitiveness imported soybeans, and limited delivery also puts bearish pressure on imported soybeans for distribution. Amid lingering trade conflicts with the US, Chinese RMB is thrown into long-term devaluation. What's worrying is that soybean supplies to China in the fourth quarter possibly fall short as soybeans sourced from Brazil draw to an end. Traditionally, it is golden time for US soybean imports during October and February next year, in this way, China's buyers are probable to import some US soybean despite its high prices when soybeans run low. Importers now show strong mindset for soybean bids in case of unavailable soybeans later. On the whole, imported soybeans for distribution in the short run will probably trade sideways narrowly and steadily the time market supply & demand balance struggles in trade spats. 

    Daily review on oils: beans on CBOT all fell down last night on CBOT, accordingly, meal futures today on DCE also move downward fractionally. Oil performance on China's market mostly hold stable despite fluctuations partly, whist oils are still in dull trade though some far-month low basis may attract deals. Escalating US-China trade tensions expected and good harvest to be pose considerable pressure on US soybeans. Yet, market calculates that oils will trade sideways frequently with futures and be curbed on the upward potentials when supply pressure lurks on the market. For one thing, turnover upon soybean oil remain slack the time soybean oil hits multi-year highs in stocks based on surprisingly high operation rate. For another, expanded national auction projected on Sept. 6th, and basically completed packing-oil stockpiling before mid-September are also bearish for oils. That being said, soybean supply in China is probable to run low later if trade conflicts continue, and it is expected that December arrivals of soybean in China will merely stay at 4.5 Mln tonnes. Honestly speaking, market players are to bode well for afternoon market if the trade war keeps on, yet if the war is concluded, market performance then will go dismal under bumper harvest of US soybean. Buyers thereby are suggested to stay on the sidelines or take a hand-to-mouth purchasing strategy. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,670-5,800 yuan/tonnes, some in a variation of 10-20 yuan/tonne, (Tianjin traders offer 5,700-5,710 yuan/tonne, Rizhao traders 5,670 yuan/tonne, Zhangjiaang traders 5,800 yuan/tonne, Guangzhou traders 5,750-5,760 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas range from 4,880 to 4,970 yuan/tonne, some down 10 yuan/tonne (Tianjin traders offer 4,900-4,910 yuan/tonne; Rizhao traders 4,970 yuan/tonne, down 10; Zhangjiagang traders 4,920 yuan/tonne; Guangzhou traders 4,880-4,900 yuan/tonne, down 10; Xiamen traders stop to quote). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil keep stable, among which prices in coastal areas are 6,340-6,550 yuan/tonne (Shenheng in Dongguan, Guangdong offers 1901-240 yuan/tonne; Maple in Fangchenggang, Guangxi offers 1901-280; Fujian stops to quote). Oil stockpiles maintain high since auction and listing for soybean oil and rapeseed oil left scheduled during the week start from this day, by the way, stockpiling for packing-oil will be seen completed before mid-September. Such heavy stockpiles and finishing stockpiling probably put oil under pressure. Yet to be honest, estimated soybean shortage in the fourth quarter and high import costs amid trade disputes otherwise bolster rapeseed oil in price. Therefore shorter term, rapeseed oil to maintain its mild uptrend though its upward space is still capped amid trade conflicts. Buyers are suggested to stay on the sideline for the present.  

    Daily review on corn: today, corn prices domestically continue to edge up in a steady pace. Corn buying prices in Shandong deep processors mostly stay at 1,860-1,960 yuan/tonne, some further down 4-10 yuan/tonne from yesterday. While main purchasing prices offered at Jinzhou port, Liaoning come into at 1,770-1,790 yuan/tonne for drying corn of year 2017, 1,810 yuan/tonne for corn prices with volume weight over 720g/L, 1,760 yuan/tonne for old corn, 1,400 yuan/tonne for new corn of year 2018 with 30% moisture. While naturally drying corn prices at Bayuquan port are pegged at 1,770-1,780 yuan/tonne; 1,740-1,760 yuan/tonne for old corn (volume weight 700 g/L), unchanged from yesterday. Second-class corn prices at Shekou port, Guangdong settle at 1,890-1,900 yuan/tonne, up 10 from yesterday. Given production cuts of new corn are expected, a wave of corn stockpiling is now thriving on the market, with traded volumes and prices today hit a two-month high. Corn prices these days in northeastern corn belt and at southern, northern and coastal ports all edge up amid marketers' bullish stance and traders' mindset to hold onto goods for higher prices. However, temporary reserved grain auctions remain unchanged in speed, with 8 Mln tonnes under the hammer every week. Add to that, new corn supplying in mid-to-late September from south to north and vulnerable live pig raising amid contagious ASF are unfavorable to final consumption of corns. For all these, short-term corn price is predicted to go up steadily though its upward space is still limited. By the way, market attention should still be fixed on weather in September, production cuts in new corn, auction for corn temporarily reserved and ASF spreads. 

    Daily review on sorghum and barley: prices for imported sorghum at ports keep firm (US sorghum: Tianjin offers 2,170-2,180 yuan/tonne for raw sorghum, and 2,280-2,290 yuan/tonne for dried sorghum; Nantong 2,110-2,120 yuan/tonne, up 20; Shanghai 2,120-2,130 yuan/tonne, Guangdong 2020-2,030. Australian sorghum: Tianjin offers 2,340-2,360 yuan/tonne for raw sorghum and 2,240-2,460 yuan/tonne for dried sorghum; Qingdao 2,400 yuan/tonne for raw sorghum, and 2,500 yuan/tonne for dried sorghum; Shanghai 2,400 yuan/tonne. Domestic sorghum: Changchun in Jilin 2,600 yuan/tonne; Daqing in Heilongjiang offer 2,560 yuan/tonne; Qiqihar 2,500 yuan/tonne; Chifeng 2,640-2,660 yuan/tonne for dried sorghum, down 40; Hinggan League 2,460-2,500 yuan/tonne for raw sorghum, and 2,560 yuan/tonne for dried sorghum). Barley prices at ports also keep stable (Australian barley: Shandong offers 2,020 yuan/tonne; Nantong 1,990-2,010 yuan/tonne; Guangzhou 1,920 yuan/tonne. French barley: 1,850-1,860 yuan/tonne. Ukrainian barley: 1,850 yuan/tonne). Yet, sorghum sourced from the U.S. on China's market later may be sharply cut under trade spats-- sorghum July imports reach the nadir in year 2018, whilst costs for Australian sorghum also remain high for the present. That leads to strong willingness for higher offers among importers in case of unavailable low costs for grain sources. And as barley and sorghum generally lose their price advantage over corn market amid sprawling ASF, slack feed demand pushes down sorghum prices at some ports. Shorter term, grains are mainly to move sideways steadily and slightly, in this way, market participants can wait for latest market news for guidance.